Secured loans broker, Loans Warehouse, has recently completed the first secured loan in Northern Ireland since the credit crunch, through their unlimited LTV lender, Evolution Money.
This announcement comes as great news for consumers and intermediaries alike, as it’s the first secured loan to be completed in Northern Ireland for over two years. The loan was for a total of £9800, secured to a property in Londonderry and was completed via Evolution Money, who announced their decision to start lending in Northern Ireland back in March. Before this, there were no mainstream secured loan providers lending across the water, with GE Money being the last to withdraw almost two years ago.
Phil Sweet, Head of Business Development at Evolution Money said:
“We are really encouraged by the market reaction to us lending in Northern Ireland again but even more so now that Loans Warehouse, our master broker, have just paid out one of our first secured loans there. This appears to be a solid opportunity for growth and we encourage all introducers to get in touch.”
Demand outweighs Supply
Northern Ireland has been one of the hardest hit in recent years. Even now, when most of the UK is witnessing fairly static house price figures, reports have revealed that property prices in Northern Ireland have slumped by more than 10% over the last year.
Northern Ireland is lacking the same level of support as the rest of the UK and more refinancing options need to be made available to them. Hopefully, Loans Warehouse and Evolution money will continue to buck the trend and encourage both existing lenders and new entrants to return in Northern Ireland.
Matt Tristram, joint Managing Director of Loans Warehouse said:
“Before the credit crunch, secured loans in Northern Ireland were a big part of our business; but in recent years they had ceased completely. It’s great to see our first landmark deal complete with Evolution Money. Our pipeline of Irish clients is now growing and the dulcet Irish tones from brokers across the waters are becoming common once again.”
For more information intermediaries can call Loans Warehouse on 01923 678 870.